7th Nov ’23 - The 11.40 candle may have a story to tell - Nifty
Nifty Analysis
Recap from yesterday: “For tomorrow, I wish to maintain the bullish stance with the first target of 19446 and then 19576. If we are going down, the first level to watch will be 19310.”
19446 level never came into the picture today, but 19310 looked quite vulnerable for a breach today. The open was in line and then we had a strong RED candle. From there the recovery went till 11.35. The next 3 candles took out only 61pts, but it seemed like we would have a retest of 19310 levels today. The selling stopped suddenly at 11.50 and we recovered all the lost points.
On the 1hr chart, things are looking still in favor of the bulls. The first Laxman Rekha to defend is 19310. For tomorrow, I wish to change my stance to neutral if 19446 is not getting broken in the opening 2 hours. I would love to go bearish if 19310 support is broken because today there were some signs of fatigue.
Recap from yesterday: “For tomorrow, I wish to maintain the bullish stance with the first target of 19446 and then 19576. If we are going down, the first level to watch will be 19310.”
19446 level never came into the picture today, but 19310 looked quite vulnerable for a breach today. The open was in line and then we had a strong RED candle. From there the recovery went till 11.35. The next 3 candles took out only 61pts, but it seemed like we would have a retest of 19310 levels today. The selling stopped suddenly at 11.50 and we recovered all the lost points.
On the 1hr chart, things are looking still in favor of the bulls. The first Laxman Rekha to defend is 19310. For tomorrow, I wish to change my stance to neutral if 19446 is not getting broken in the opening 2 hours. I would love to go bearish if 19310 support is broken because today there were some signs of fatigue.
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